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The Local Authorities (Capital Finance) Regulations 1997
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Lease of land for term not exceeding three years
29. The initial cost of a lease (“the new lease”) of land shall be nil where—
(a)the term of the new lease does not exceed three years;
(b)the authority have not, at any time within the period of five years ending on the date on which they become the lessees, had a freehold interest in any part of the land, or an earlier leasehold interest in any part of the land for a term which, added to the term of the new lease, produces a combined term of more than three years; and
(c)no other local authority have, within the same period, had a leasehold interest in any part of the land for a term which, added to the term of the new lease, produces a combined term of more than three years.
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